LAHORE, Nov 23 (APP): Pakistan’s improvement by 31 points in the list regarding trade facilitation agreement of World Trade Organization (WTO) is a very welcoming development for its overall economic uplift.
A better position in the list than that of India and Bangladesh will definitely help boost Pakistan’s industrial sector as well. Talking to various delegations of industrialists here Monday, Lahore Township Industries Association Lahore (LTIA) Chairman Azam Chaudhry mentioned that with the implementation of the agreement, Pakistan enhanced its trade facilitation from 34 per cent in June 2018 to 79 per cent in November 2020. By implementing the agreement, he added, Pakistan managed to improve its position by 31 points in the foreign trade facilitation list.
According to international trade facilitation report 2020, Pakistan is now positioned at 106 from its previous number of 136 with regard to foreign trade facilitation, he maintained. Azam Chaudhry expressed optimism that better trade facilitation measures will help improve trade activities; promote foreign direct investment; enhance exports volume; and create ample employment opportunities, and ultimately usher in a new era of development and prosperity in the country.
On this occasion, TIAL Senior Vice Chairman Waseem Chawla said that as per Federal Board of Revenue (FBR) report, Pakistan’s pace on implementation of the WTO trade facilitation agreement is even faster than India and Bangladesh. The average rate of implementation regarding trade facilitation is recorded at 65.5 per cent and over 65.2 per cent for WTO member countries and developing countries respectively, he asserted.
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